NDIC reiterates commitment to continue to protect the banks

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The Nigeria Deposit Insurance Corporation has reiterated its commitment to continue to protect the money deposit banks. The Managing Director/chief Executive Nigeria Deposit Insurance Corporation (NDIC), Bello Hassan, made this known at 34th Enugu International Trade Fair. He reels out that ” particularly the teaming populace in the Medium, Small and Micro Enterprise (MSME) sector, and others in the informal segment of our economy that the safest, smartest and most prudent place to keep your money is in the formal banking system because the NDIC protects your bank deposits. Such deposits also enjoy the benefit of effective regulation and supervision of relevant authorities, and take people’s hard earned money beyond the ambit of illegal fund managers and loan sharks that currently awash the investment landscape and fleecing unsuspecting members of public.”

The fair’s theme “Harnessing Nigerian Human Capital Resources for Global Economic Advancement” speaks volumes about how programs and vision match with the government’s priorities. “Also for us in NDIC, it is instructive to note the strong relationship between our mandate and the theme of this year’s fair. By discharging our public policy objectives of protecting depositors in the event of bank failures and further offering a measure of safety for the banking system, thereby creating an enabling environment for the financial system to appropriately support the economic advancement of our great nation. “

The NDIC boss further stated that it will continue to tackle the unscrupulous elements. “It is pertinent for the Corporation to continue to sensitize the public on their expected roles towards protecting their bank deposits. Depositors are to ensure their phones have strong password and do not share their bank mobile app password with third parties; ensure no one is watching when they enter their PIN to perform transactions; ensure their token is secure and other parties do not have access to it; and ensure their debit card number and CVV are not exposed to people. Equally important is the need to avoid investment offers with quick and arbitrarily high returns.”

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